Difficulty increase, 25% fewer coins being mined in a few hours

A misunderstood advantage of ASIC mining over GPU mining is variable costs.
As there is less need of energy to run ASICs, miner with ASIC can just sell enough bitcoin to cover their little costs in electricity.
This imply they can keep the rest as a long term investment, a few could just pay from their pocket the power needed.
So, ASIC miners could just wait the price to rise at new high or just spend bitcoin in the general economy without the need of convert them to fiat.

It is like a gold mine selling gold just to cover expenses and saving the rest, awaiting its appreciation.
If, for some technological innovation, the variable costs are reduced 90%, they need to sell 90% less gold to cover them.

If before they needed to sell 50% of their BTC/gold, to cover expense, and now they need to sell just 0.5%, this is a net reduction of 99% of the new btc offered in the market (if they are saved for later consumption).

So, in essence, more ASICs imply higher difficulty, less BTC produced and a lot less BTC sold in the market.

Price will go up for this.